Individuals often seek to forfeit their US citizenship or long-term residency status for uniquely personal reasons. Each year, thousands choose to expatriate in hopes of escaping the onerous consequences of our citizenship-based tax system in favor of less green(back) pastures. But it may be easier said than done as the US tenaciously imposes income, gift, and estate taxes on those who attempt to flee. This course will help practitioners determine who is subject to the exit tax, how it is computed, when it must be reported, and when it must be paid.
Upon completion of this course, you will be able to:
- Appreciate the historic evolution that has led to the imposition of the modern-day exit tax.
- Identify covered expatriates and exempt individuals.
- Know what is required to properly expatriate.
- Compute the amount of tax that is assessed on those who have renounced their citizenship or relinquished their Green Card.
- Understand that additional taxes may be imposed on gifts and bequests made to US citizen and resident beneficiaries.
This Course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education.
Monica Haven is an enrolled agent with J.D. and LL.M. degrees in law and taxation. She is a nationally recognized speaker and a sought-after guest lecturer on college campuses and at community organizations. She loves to teach and welcomes every opportunity to share her experience and expertise in the classroom, even as she maintains her Southern California tax practice which serves clients throughout the world.